Altman Z″
Needs current assets and current liabilities.
Bayer CropScience Limited demonstrates excellent cash conversion and balance sheet strength, delivering ₹689.20 crore PAT (+21% YoY) and ₹1,078.50 crore operating cash flow in FY2026. The company operates with zero financial debt and holds ₹1,414.60 crore in cash and liquid mutual funds, allowing it to distribute virtually all annual profits via a ₹150 per share dividend (97.8% payout ratio). High market share in hybrid corn seeds (DEKALB #1 for 4 consecutive years) and a steady stream of global R&D formulation launches provide durable competitive moats against domestic agrochemical price competition. Pending direct and indirect tax disputes aggregating ₹749.40 crore represent the primary contingent risk, though management assesses adverse financial outflow as unlikely.
Bayer CropScience's headline revenue growth of 4% in FY2026 understates its operational margin expansion, as profit before tax grew 21% YoY to ₹854.90 crore and net profit rose 21% YoY to ₹689.20 crore. Operating cash flow surged to ₹1,078.50 crore, supporting a near-total payout of earnings via ₹150/share dividend while leaving cash reserves pristine at ₹1,414.60 crore with zero financial debt.
Bayer CropScience Limited is an integrated agricultural solutions provider in India, offering hybrid seeds (corn/maize), crop protection chemicals (insecticides, fungicides, herbicides), and digital farming solutions. The company serves smallholder and commercial farmers across India by combining global crop science technology with extensive local distribution.
Revenue is primarily earned from domestic sales of crop protection formulations and hybrid corn seeds to a dealer network of 3,500+ distributors, supplemented by exports of active ingredients and formulation products to group entities and third parties.
Revenue share shows where the sales are. PBIT margin shows where the profit is — and the two rarely match.
Bayer CropScience Limited holds a leading market position in the Indian agricultural sector, powered by global crop science R&D from ultimate parent Bayer AG, market leadership in hybrid corn seeds (DEKALB brand #1 for four consecutive years), an extensive distribution network of 3,500+ distributors, a zero-debt balance sheet with ₹1,414.60 crore in cash reserves, and digital farming platforms (FarmRise) offering precision agronomic advisory.
Screener puts these behind a paywall. They are disclosed in the annual report and investor presentation, so they are free here, with the source printed.
Bayer CropScience Limited demonstrates excellent cash conversion and balance sheet strength, delivering ₹689.20 crore PAT (+21% YoY) and ₹1,078.50 crore operating cash flow in FY2026. The company operates with zero financial debt and holds ₹1,414.60 crore in cash and liquid mutual funds, allowing it to distribute virtually all annual profits via a ₹150 per share dividend (97.8% payout ratio). High market share in hybrid corn seeds (DEKALB #1 for 4 consecutive years) and a steady stream of global R&D formulation launches provide durable competitive moats against domestic agrochemical price competition. Pending direct and indirect tax disputes aggregating ₹749.40 crore represent the primary contingent risk, though management assesses adverse financial outflow as unlikely.
Bayer CropScience's headline revenue growth of 4% in FY2026 understates its operational margin expansion, as profit before tax grew 21% YoY to ₹854.90 crore and net profit rose 21% YoY to ₹689.20 crore. Operating cash flow surged to ₹1,078.50 crore, supporting a near-total payout of earnings via ₹150/share dividend while leaving cash reserves pristine at ₹1,414.60 crore with zero financial debt.
Monsoon distribution across kharif crop belts, market adoption of newly launched crop protection formulations (Bicota, Camalus), expansion of digital farming services (FarmRise), and resolution of agricultural income tax exemption disputes.
Severe multi-region drought disrupting seed sales and crop protection application volumes, unexpected adverse Supreme Court ruling on agricultural tax exemption claims, or significant supply chain disruptions in imported active ingredients from parent entity Bayer AG.
Trading at 40.8x earnings against its own median of 51.9x: 1.3 standard deviations below its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
Two kinds of item, both taken from the company's own documents: figures that disagree with other figures in the same filing, and disclosures that sit in the notes rather than the statements. Neither is an allegation — each is a question the filing raises about itself.
What the numbers mean when read together — computed from the filings, not a score.
Borrowings rose 74% over two years while the company also carries ₹57 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Borrowings moved to ₹82 cr from ₹47 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Capital work-in-progress has stayed high (28% of fixed assets) without converting to productive assets — worth checking whether projects are genuinely progressing.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
CWIP ₹127 cr vs ₹119 cr two years earlier, against fixed assets ₹458 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Operating cash is 156% of trailing profit — the earnings are converting to real cash, not just accruals.
Why this reading: A positive signal: cash conversion at or above ~0.9 means reported profit is showing up as actual cash.
Operating cash ₹1,078 cr against trailing net profit ₹689 cr. Consistent conversion near or above 1.0 is a hallmark of genuine earnings.
Free cash flow is positive and consistent — the business funds itself after capex.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Latest free cash flow ₹1,014 cr. Negative in only 0 of 12 years. A self-funding business needs less external capital and dilutes less.
Every line is dated and attributed, so the next results can be checked against it.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are -7.1% of assets. Free cash flow negative in 0 of 12 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Revenue grew faster than the capital behind it, which is what operating leverage looks like: the existing asset base is working harder.
cumulative operating cash flow ÷ cumulative net profit
₹5,587 cr ÷ ₹5,993 cr, over 12 years
0.93×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹689 − ₹1,078) cr ÷ average assets
-7.1%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
12.1% × 1.00 × 1.92
23.2%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹875 cr ÷ ₹20 cr
43.75×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹82 cr ÷ ₹2,966 cr
0.03×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +2% vs revenue +10%, FY2023 to FY2026
-8pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.
Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.
Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.
How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.
Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Chemicals). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Segment share of revenue, FY2026.
Segment PBIT, FY2026. Revenue share and profit share rarely match — that gap is the point.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 71.43% to 71.43% across these quarters.
FII held steady from 3.84% to 3.95% across these quarters.
MF rose from 8.47% to 9.55% across these quarters.
Other trimmed from 16.26% to 15.07% across these quarters.
A holding percentage says who controls the company. This says whether the promoter has been putting money in or taking it out.
PRODUCT RIGHT DIVESTMENT / ASSET TRANSFER
₹80 cr · 2026-04-20
Agreement entered to divest marketing rights for Flubendiamide formulated products to Tagros Chemicals India Pvt Ltd; received ₹80.00 crore advance in March 2026.
A fall in promoter percentage after a fresh issue is dilution, not selling. Selling would show in the ledger above.
Per-share figures hide a share count that moved. Effective tax rate hides a one-off credit. Both sit here beside the payout, year by year, as the accounts state them.
| Period | Shares (cr) | Effective tax | Dividend / share | Payout | What changed |
|---|---|---|---|---|---|
| FY2026 | 4.49 | 19.4% | ₹150.00 | 97.8% | No change in share capital; face value ₹10.00 per share. · PBT ₹854.90 crore, Tax Expense ₹165.70 crore. |
An effective rate far from the statutory band is usually a deferred-tax movement or a one-off credit, not a lower tax bill. The note beside it, where the filing gives one, says which.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 81 | 73 | 65 | 77 | 69 | 69 | 63 | 72 |
| Inventory days
How long stock sits before it sells | 294 | 206 | 226 | 235 | 268 | 222 | 319 | 289 |
| Payable days
How long the company takes to pay suppliers | 164 | 101 | 142 | 127 | 129 | 87 | 148 | 167 |
| Cash conversion cycle
Debtor + inventory − payable days | 211 | 177 | 149 | 185 | 208 | 204 | 234 | 193 |
| Working capital days | 116 | 77 | 61 | 84 | 86 | 78 | 88 | 56 |
| ROCE %
Return on capital employed | 25.0% | 30.0% | 31.0% | 31.0% | 34.0% | 34.0% | 25.0% | 29.0% |
How much is owed answers one question. When it falls due answers a different one. This is the repayment ladder as the borrowings note states it, with instrument-level detail rolled into the buckets.
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Agri Care Segment Revenue (₹ crore) | 1,251 | 1,835 | 1,553 |
| Agri Care Segment Result (₹ crore) | 211.4 | 402.1 | 200.3 |
| Gross Margin | 42.95% | 43.5% | 34.23% |
| Material Cost as % of Revenue | 57.05% | 56.5% | 65.77% |
| EBITDA Margin | 17.41% | 22.75% | 13.86% |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Operating metrics disclosed in the business review and MD&A. These, not margins, are what the business is actually run on.
Calculated as Export Sales (₹218.40 crore) divided by Revenue from Operations (₹5,675.00 crore)
debc6b8a-8fd2-4d09-aa94-293a2afc7ac2.pdf · Page 29, 122Read using the Agriculture, fertilisers and agrochemicals framework (named in the filing read). Primary valuation lens: P/E through the season.
Read more closely in this sector: Age of subsidy receivables · Channel inventory build.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 4,261 | 4,734 | 5,140 | 5,106 | 5,473 | 5,675 |
| Other income | 69 | 112 | 168 | 76 | 118 | 95 |
| Depreciation | 74 | 64 | 80 | 74 | 85 | 94 |
| Finance cost | 13 | 13 | 22 | 20 | 17 | 20 |
| Profit before tax | 794 | 847 | 990 | 941 | 707 | 855 |
| Net profit (owners) | 493 | 645 | 758 | 740 | 568 | 689 |
| EPS (₹) | 109.72 | 143.58 | 168.71 | 164.77 | 126.38 | 153.35 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 955 | 792 | 1,631 | 1,738 | 1,057 | 1,046 | 1,915 | 1,553 | 1,106 | 1,101 | 1,835 | 1,251 |
| Other Income | 15 | 29 | 27 | 24 | 32 | 37 | 19 | 14 | 16 | 47 | 89 | 13 |
| Expenses | 827 | 695 | 1,317 | 1,554 | 1,037 | 876 | 1,566 | 1,348 | 989 | 898 | 1,467 | 1,033 |
| Depreciation | 15 | 16 | 22 | 14 | 15 | 34 | 27 | 14 | 15 | 38 | 50 | 15 |
| Finance cost | 3 | 5 | 4 | 3 | 4 | 6 | 5 | 4 | 5 | 6 | 4 | 5 |
| Profit before tax | 124 | 105 | 316 | 190 | 34 | 168 | 335 | 200 | 113 | 206 | 402 | 211 |
| Net Profit | 93 | 96 | 254 | 136 | 34 | 143 | 279 | 153 | 96 | 162 | 322 | 166 |
| EPS | 20.72 | 21.36 | 56.56 | 30.33 | 7.61 | 31.89 | 62.01 | 33.98 | 21.29 | 36.07 | 71.56 | 36.98 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 45 | 45 | 45 | 45 | 45 | 45 |
| Reserves | 2,505 | 2,479 | 2,667 | 2,804 | 2,806 | 2,921 |
| Borrowings | 26 | 86 | 74 | 47 | 105 | 82 |
| Net block | 425 | 468 | 462 | 414 | 470 | 458 |
| CWIP | 76 | 98 | 109 | 119 | 119 | 127 |
| Investments | 52 | 38 | 41 | 54 | 35 | 57 |
| Total Assets | 4,239 | 4,353 | 4,679 | 4,597 | 5,246 | 5,699 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 687 | 216 | 609 | 952 | 262 | 1,078 |
| Cash from investing | 7 | 64 | 83 | 0 | 86 | 72 |
| Cash from financing | -556 | -703 | -613 | -656 | -619 | -624 |
| Free cash flow | 656 | 168 | 537 | 912 | 222 | 1,014 |
| Net change in cash | 138 | -424 | 79 | 296 | -272 | 527 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads — pulled from the annual report, auditor's report, concall and deck. This is the moat.
Bayer CropScience Limited delivered a robust financial performance in FY2026 with standalone revenue from operations growing 4% YoY to ₹5,675.00 crore, PBT increasing 21% YoY to ₹854.90 crore, and PAT expanding 21% YoY to ₹689.20 crore. Performance was driven by double-digit growth in the corn seeds business under the flagship DEKALB brand, launch of six new crop protection formulations (including Bicota and Camalus), and operational cost discipline. Operating cash flow surged to ₹1,078.50 crore, enabling the Board to recommend a total dividend of ₹150 per share (₹674.20 crore total payout), while maintaining cash and cash equivalents at ₹1,414.60 crore with zero financial borrowings. Strategic priorities focus on digital farming tools (FarmRise), precision breeding via Quantitative Genetic Framework, and expanding biological crop solutions.
Confident and growth-focused, highlighting strong corn seed momentum and operational cash generation while navigating weather-related kharif volatility.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
₹763 cr in total across 3 disclosed items — 25.7% of net worth. Individual items answer what; the total answers how exposed.
₹1,699 cr transacted — approvals are a ceiling, not a spend.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.
Bayer Cropscience Ltd. reported revenue of ₹1,251 cr for July to September 2026, −19.4% on the year and −31.8% on the quarter. That is slower than this quarter has grown in recent years (−1.6% on average). Over the last four quarters revenue comes to ₹5,293 cr, −5.0% on the four before.
Operating profit (EBITDA) was ₹218 cr, a margin of 17.4%, +423 bps on the year and −263 bps on the quarter. Over the last 8 quarters the margin has ranged from 1.9% to 20.1%, averaging 14.5%. Operating costs grew −23.4% against revenue growth of −19.4%, so more of each rupee of sales reached operating profit.
Net profit was ₹166 cr, +8.5% on the year and −48.4% on the quarter, with earnings per share of ₹36.98. Profit before other income, one-offs and tax grew 6.5%, so the profit growth came from the business itself. The tax rate of 21% is in line with its recent average. Profit over the last four quarters totals ₹746 cr, +22.5% on the four before.
Of the 3 companies in Agriculture, fertilisers and agrochemicals that have reported Q2 FY27 so far, Bayer Cropscience Ltd. ranks 3rd on revenue growth; the sector median is +2.7%. Its margin moved +423 bps on the year against a sector median of −52 bps.
Agri inputs are seasonal and move with the monsoon and with subsidy payments, so quarters are best compared with the same quarter a year earlier.
On earnings per share of ₹165.90 over the last four quarters, the stock at ₹3,316.30 trades at 20.0 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
No emphasis of matter.
Filing p. limited review report p.1-2
Board declared an Interim Dividend of ₹ 90 per equity share of face value ₹ 10 each for the Financial Year 2026-27 amounting to ₹ 4,045 Million. (p. note 6)
Tax: Standalone tax expense of ₹45.20 crore (current tax ₹47.90 crore, deferred tax credit ₹2.70 crore) on Profit before tax of ₹211.40 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Agri Care Segment Revenue (₹ crore) | 1,251 | 1,835 | 1,553 |
| Agri Care Segment Result (₹ crore) | 211.4 | 402.1 | 200.3 |
| Gross Margin | 42.95% | 43.5% | 34.23% |
| Material Cost as % of Revenue | 57.05% | 56.5% | 65.77% |
| EBITDA Margin | 17.41% | 22.75% | 13.86% |
Worked out from filed numbers. Agri Care Segment Revenue: Standalone segment revenue from Agri Care (₹12,507 million converted to ₹ crore) · Agri Care Segment Result: Profit before tax / segment result for Agri Care (₹2,114 million converted to ₹ crore) · Gross Margin: (Revenue from operations 1,250.70 - Cost of materials 717.90 - Purchases 38.40 + Inventory change 42.80) / 1,250.70 * 100 · Material Cost as % of Revenue: (Cost of materials 717.90 + Stock-in-trade 38.40 - Inventory change 42.80) / 1,250.70 * 100
Read using the Agriculture, fertilisers and agrochemicals framework (named in the filing read). Primary valuation lens: P/E through the season.
Read more closely in this sector: Age of subsidy receivables · Channel inventory build.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Agri Care | ₹1,251 cr | ▼ 19.5% | ₹211 cr | ▲ 5.5% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹955 cr | ₹792 cr | ₹1,631 cr | ₹1,738 cr | ₹1,057 cr | ₹1,046 cr | ₹1,915 cr | ₹1,553 cr | ₹1,106 cr | ₹1,101 cr | ₹1,835 cr | ₹1,251 cr |
| YoY | — | — | −6% | +7% | +11% | +32% | +17% | −11% | +5% | +5% | −4% | −19% |
| EBITDA margin | 13.4% | 12.2% | 19.3% | 10.6% | 1.9% | 16.3% | 18.2% | 13.2% | 10.6% | 18.4% | 20.1% | 17.4% |
| Other income, % of PBT | 12% | 28% | 9% | 13% | 94% | 22% | 6% | 7% | 14% | 23% | 22% | 6% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 9% | 20% | 28% | −2% | 15% | 17% | 24% | 15% | 21% | 20% | 21% |
| Net profit | ₹93.0 cr | ₹96.0 cr | ₹254 cr | ₹136 cr | ₹34.0 cr | ₹143 cr | ₹279 cr | ₹153 cr | ₹96.0 cr | ₹162 cr | ₹322 cr | ₹166 cr |
| YoY | — | — | −23% | −39% | −63% | +49% | +10% | +13% | +182% | +13% | +15% | +8% |
| Core profit YoY | — | — | −25% | −43% | −98% | +72% | +9% | +12% | +4,750% | +21% | −1% | +6% |
| EPS | ₹20.72 | ₹21.36 | ₹56.56 | ₹30.33 | ₹7.61 | ₹31.89 | ₹62.01 | ₹33.98 | ₹21.29 | ₹36.07 | ₹71.56 | ₹36.98 |
| Flags | · | 1 | 1 | 1 | 3 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.